Euro not for Britain, says Friedman

NOBEL prize-winner Milton Friedman, the most influential economist of the past 30 years, has stepped up his opposition to the euro. The monetarist, free market guru urged Britain not to join the single currency, and if it does join, it must do so only at a very low exchange rate, as Ireland did.

Friedman predicted 'very serious problems' in the eurozone within five to ten years, and said the Growth and Stability Pact, which governs member countries' budgets, will fall apart.

'If you put governments in a straitjacket, they're going to break out,' he said.